A type of contract named for this man pays off exactly one monetary unit upon the realization of a specific state, and if the set of such securities spans the entire set of states, the futures market is called "complete." A quantity defined as the negative ratio of the second derivative of a utility function to the first derivative is a coefficient of risk aversion named for him and Pratt. This man worked with Gerard Debreu to prove the general equilibrium theory and along with John Hicks, he won the 1972 Nobel Prize in Economics while his best known work is described in his book Social Choice and Individual Action. T
A type of contract named for this man pays off exactly one monetary unit upon the realization of a specific state, and if the set of such securities spans the entire set of states, the futures market is called "complete." A quantity defined as the negative ratio of the second derivative of a utility function to the first derivative is a coefficient of risk aversion named for him and Pratt. This man worked with Gerard Debreu to prove the general equilibrium theory and along with John Hicks, he won the 1972 Nobel Prize in Economics while his best known work is described in his book Social Choice and Individual Action. That concept argues that with three or more options, no voting system can satisfy a set of fairness criteria. For 10 points, name this economist who came up with a namesake "impossibility" theorem.
A type of contract named for this man pays off exactly one monetary unit upon the realization of a specific state, and if the set of such securities spans the entire set of states, the futures market is called "complete."
Kenneth {Arrow}